This study aimed to investigate the possible use of phenolic compounds extracted from the new Korean apple cultivar Arisoo in cosmetics and food additives by examining its functional properties. We extracted and analyzed total phenolic content of Arisoo and Fuji apples to study their antioxidant, anti-wrinkle, and anti-diabetic properties. Water- and ethanol-extracted phenolic compound yields were 1.84 and 2.14 mg/g fresh weight, respectively. In the antioxidant test, 100 μg/mL of water- and ethanol-extracted phenolic compounds (WEP and EEP), respectively, showed (1) scavenging activity of the 1,1-diphenyl-2-picrylhydrazyl radical by 91.86% and 87.44%; (2) antioxidant protection factors of 2.80 and 1.79; and (3) the inhibition of lipid peroxidation, as tested by a thiobarbituric acid reactive substance assay. Anti-elastase and anti-collagenase activities were tested to assess the anti-wrinkle activity of the extracts. WEP and EEP inhibited 12.46% and 51.56% of the elastase activity and 36.93% and 91.74% of the collagenase activity, respectively. The inhibitory activities of WEP and EEP on yeast α-glucosidase were tested to assess their anti-diabetic activities. WEP and EEP from Arisoo apples inhibited 83.92% and 100.0% of the α-glucosidase activity, whereas those from Fuji apples inhibited 63.33% and 92.84%, respectively, suggesting that Arisoo extracts have better anti-diabetic activity. Taken together, the extracts from Arisoo apples exhibited better antioxidant, anti-wrinkle, and anti-diabetic activities than did the extracts of Fuji apples.